India and Oman are close to concluding negotiations on a landmark free trade agreement, officially termed the Comprehensive Economic Partnership Agreement, a senior official told NDTV Profit.
Final round discussions are underway, with both sides optimistic about a signing in the coming weeks.
The last sticking point in the talks is Oman's “Omanisation” policy, which seeks to replace expatriate workers with local hires across sectors. India is pushing for a freeze on Oman's local hiring quotas, at least in sectors where Indian professionals form a significant part of the workforce, the official said.
The proposed CEPA is expected to offer broad coverage, liberalising trade on nearly 98% of Indian imports. Officials say the agreement will unlock substantial opportunities in goods and services, especially for Indian exports spanning pharmaceuticals, textiles, engineering goods, and IT services.
If finalised, this deal could provide a critical gateway for Indian businesses to expand across the Gulf, with Oman offering strategic access to key shipping routes and regional markets.
The CEPA follows high-level engagements, including Commerce Minister Piyush Goyal's visit to Muscat earlier this year, which injected fresh momentum into the negotiations.
Both sides are expected to announce a formal timeline for the signing soon.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
